Club stalwart Carragher was sent off on Saturday as a 3-1 defeat at Fulham condemned the Reds to a sixth loss in seven games in all competitions.
The setback at Craven Cottage has left Liverpool nine points behind Premier League leaders Chelsea and unlikely to mount a serious title challenge.
The result in West London followed on from a Carling Cup exit in North London to Arsenal which raised further questions over Rafa Benitez's future as manager.
The only bright spot in recent weeks was the 2-0 victory over arch-rivals Manchester United and Liverpool now face a crucial UEFA Champions League tie against Lyon on Wednesday.
Another defeat is likely to see Benitez's men miss out on a place in the last 16 of the competition and Carragher acknowledged the importance of the match.
Carragher, who is captaining the team in the absence of the injured Steven Gerrard, admits Liverpool are currently enduring a troubled period.
Tough times"These are tough times and it hurts a lot," said Carragher.
"This is un-Liverpool like. But it is not just the fans who are disappointed, it is the players, the staff and the manager.
"We have got to get back on track with Lyon, which is another massive game.
"We made up for a few things last week by beating Manchester United. Then we have had two defeats since.
"There is only us on the pitch that can turn it around and there will be a lot of talk about this result again.
"We have got to sort this out with the management and staff. We can't afford to be too downhearted for too long because we've got to get ready for the next game."