Well, coming from a pre-press and graphic design background, I can say for sure that there is a difference (at least here in Texas!)
Graphic designers get paid much less than creative designers. Also, creative designers are usually referred to as "creative directors" down here and usually manage a team of graphic designers.
I worked for a company that had both graphic designer and creative designer positions, and the graphic designers were relegated to laying out ads or art with little to no creative freedom. They were told what to do, how to make it look, and the rest was just PhotoShopping and Quarking the layout per specs. The creative designers were usually given a lot of creative freedom and were included in client meetings and the such to give feedback and suggestions for layouts/art. The creative designer's job was usually four to ten times as heavy as the graphic designer's job, since the creative designer usually had to present three or more mock-ups to the client as well as tailor the layouts to the client's needs.
I guess I kinda reiterated what octane said... hehe... in short, here in Texas, graphic designers don't get paid squat. $12/hour max. Maybe $15. Creative designers (or directors, take your pick) usually make a good $50,000 to $80,000/year.