Clinical Psychology is a specialty of Psychology that requires a Ph.D. This track of Psychology is very competitive and is much more prestigious in the field of Psychology. Clinical Psychologists have a heavy background in studying pathology as well as diagnosis and treatment (counseling). Counseling Psychology is a track of psychology that can be pursued in the Educational Psychology department and can be achieved with a Master's degree and a state board test resulting in being licensed. Those people (counseling psychology with the credentials) can then identify themselves as therapists. Their specialty, although courses in abnormal psychology, are mostly learning specific counseling theories, techniques and skills.
Clincial Psychology -> Psychologists; Counseling Psychology -> Therapists, however, clinical psychologists can call themselves therapists and therapists can hold a Ph.D. There is a lot of overlapping and interchangeable terminology.
Edit: In general, clinical psychologists are paid more by virtue of their credentials, however, there is quite a bit of variance depending on the entrepreneurial talents and self-marketing skills of the individuals after they are done with their education and training. It also depends on the area of the country and economic stability of the country how lucrative are these professions.
L.P.C. - licensed professional counselor (ie I have a Master's degree in Educational Psychology and am licensed from my state board of professional counselors)