Although it's difficult to visualise curved spacetime, you can visualise curved
space (ignoring time) near a (spherically symmetric non-rotating uncharged) black hole.
Imagine a 2D slice of space (ignoring time and one space dimension) through the middle of a black hole. Now think of it, not as a flat horizontal plane but shaped like the end of a vertically-upwards trumpet, with parabolic vertical cross-section. The surface is nearly horizontal at a large distance, but as you approach the hole it curves downwards until it is vertical at the event horizon. At this point the surface stops; there is a hole in the middle because this model breaks down at the event horizon.
Distance measured within the curved surface represents the distance that would actually be measured by a "stationary" observer at each point in the surface. Horizontally-measured radius is the
r coordinate that appears in standard equations for such a black hole ("Schwarzschild coordinates"). The closer you get to the event horizon, the larger the discrepancy between the horizontal
r distance and the observer's curved distance.
Note, however, there is no distortion in the "tangential" direction -- the circumference of any circle around the centre is still 2 \pi r.
This isn't just a handwaving approximation, it is mathematically exact: see
this thread[/color], in particular post #15 and the second half of post #35, which include a link to a diagram.
It should be stressed the above model deals only with space-curvature. When you add in the time dimension it gets more complicated and it's beyond this model.