It could be that you need to use the colorpicker to change the text color. However, I'm thinking that it might be that the text is too small.
Please check the resolution (Image > Image Size, Resolution). When I downloaded this image, mine was set to 240. It should be at least 72.
I did some searching on this and many of the people who reported the "tiny text" problem ended up having the resolution set too low.
For additional solutions to this issue, see this thread: http://forums.adobe.com/message/5636876#5636876
Product Integration Manager, Creative Cloud Learning & Training
My resolution is set at 72 but my text is still too small. What else could be the problem?
I'm moving this thread to the Photoshop General Discussion forum, whose members have a lot more experience than I do, and who should be able to help you out.