var i = 0;
var x = 0;
function cc(){
var colors = ["#000000", "#32baed", "#12495d", "#ed3232"];
var t = $("#t").val(); //TEXT
if(t){
$("#text").html(t);
} else {
$("#text").html("Enter text in input");
}

var c = colors.length; //NUMBER OF CHARACTERS
var m = c-1; //USED FOR THE COLOR INDECES
$("#text").css({"color":colors[i]});
if(i==m){
i=0; //GOES TO THE FIRST COLOR AFTER THE LAST
} else {
i++; //GOES TO THE NEXT COLOR
} if(x==0){
d = 0;
} else {
d = 1000;
}
setTimeout("cc()", d); //CHANGES COLOR EVERY SECOND
x++; //INCREMENT FOR THE INTITIAL DELAY
}
cc(); //RUNS THE FUNCTION UPON PAGE LOAD
<input id="t"><br>