First let's define a timelike curve. Suppose some object is moving at less than the speed of light. Then if we use consistent units for space and time, such as light-years and years, the distance it covers is less than the time. If you trace out the object's track through spacetime, called its world-line, we call this a timelike curve. It's called timelike because it covers more time than space. All material objects have timelike world-lines. Since observers are material objects, they have timelike world-lines. Because space is mostly empty, most timelike curves are not actually the world-line of any object, but you could consider them as hypothetical world-lines.
A closed timelike curve is a timelike curve that forms a closed loop rather than a line that stretches off indefinitely into the past and future. If it was the world-line of an object, it would describe a case where the object revisited the same location in the past and took over the world-line again from its own past self. (This is unlike the science-fiction scenario where you go back to the past and there are two of you at once.)
In most spacetimes that possesses CTCs, the CTCs are a common, ordinary type of timelike curves -- there is nothing special or dramatic going on in the region of spacetime where they occur. For example, suppose you take a piece of lined notebook paper and turn it sideways, so that the blue lines are upright. This is a spacetime diagram, and the blue lines are timelike curves. If you now wrap the paper into a tube, so that the blue lines join up with themselves, then each blue line is a CTC. This is a universe where time repeats. In this universe, you're still looping through time regardless of whether you're following a CTC. A CTC describes the case where you happen to revisit the same point in space again.