Marcus Parker-Rhodes said:
Sorry, I should have added "to an outside observer."
A more correct statement is that if one takes the limit as one approach the event horizon, time (in Schwarzschild coordinates, coordiinates which are frequently represented as being associated with an "outside observer"), "time" slows down towards zero.
This can be misunderstood, because the meaning of "time slowing down" isn't really clear. The idea is commonly used in popularizations though, so I won't belabor its limitations. My goal here is more modest, it's to simply point out what's wrong with taking this idea and extending it to saying that "time stops at the horizon".
The problem with extrapolating this to saying that "time stops at the event horizion" is that the Schwarzschild coordinates are singular there. So the issue is one of omitting the notion of taking a limit. This is important, because to justify the idea of taking the limit, one needs to make sure that the limiting process makes sense. In this case it doesn't, not really, as there is an implied belief that everythign is just fine at the horizon other than time stopping there. But it isn't.
The easy solution to the whole issue is to not insist on using Schwarzschild coordinates, and use coordinates which are well behaved at the horizon. There are multiple choices, including but not limited to Kruskal coordinates or Painleve coordinates, that do not have this issue.
Coordinate charts are basically a kind of "map" of spacetime, and the issue we have here is that the Schwarzschild coordinate map is confusing". THe best solution is to use a different map. But people cling to the confusing map, rather than try and use a different one. I suspect there may be some deeper philosophical reasons for this clinging to confusion, but it'd take this post too far afield to go into them. My goal here is relatively modest, simply to point out the issue with the "time stops at the horizon" idea.