The win moves Wolves clear of the bottom three and McCarthy said: "It's tightened it up again with West Ham and Wigan losing and it gives us more of a fighting chance, a bit of confidence.
"We've been playing well and I said if we keep playing that way our luck will change. I knew we would get a slice of good fortune by playing that way."
McCarthy praised the form of Matthew Jarvis, who seized on Tyrone Mears' 26th-minute error to steal in and round Brian Jensen to put the visitors in front.
McCarthy added: "He has had an outstanding season and I like to think he is learning in a really difficult environment. He had a tough first season with us but he's getting better all the time.
"The whole team showed some very good character and determination today. We got ourselves a bit of a cushion then we had to defend stoutly and manfully, and we did that.
Burnley boss Brian Laws admitted the defeat was hard to take but urged his players to forget the result and concentrate on the battle to beat the drop.
Laws said: "We feel a little hard done by but we've got to move on. It's a huge knock but the season doesn't end today and there are still eight games to go.
"There's still a lot of points to be played for and whilst that is a body-blow for us we can't let it affect us and destroy our last eight games."
Laws refused to single out Mears for blame over the first goal and while McCarthy was left to thank his luck, the Clarets boss came to the conclusion it was "one of those days".
Laws added: "It was a poor mistake which gave them the first goal but nobody goes out there and deliberately makes a mistake - sometimes a judgement call can cost you.
"I can't for one minute criticise the players. We've got to have a spirit against adversity and against the issues we put against ourselves. We have got to be positive."
Meanwhile, Laws admitted to injury concerns over defender Danny Fox who was given oxygen on the pitch before being stretchered off and taken to hospital.
Laws added: "Danny has got a suspected crack on the ribs and he's in hospital having an X-ray. The signs are not that great but hopefully it won't be too serious."