click on color button and write in textarea with that color font

I want to do as follows:

* click a "red" button
* write in textarea with red color font
* click "blue" button
* write in textarea with blue color font

Isn't this possible in flash 10 using AS3 ??????

I tried using setTextFormat but the problem is i have to have text before inserting format on that.

This is what i want:

* start writing in textarea with WHITE COLOR (eg: "abc")
* click BLUE COLOR BUTTON
* start writing in textarea with BLUE COLOR (eg: "abcdef" - abc in white and def in blue)
* click RED COLOR BUTTON
* start writing in textarea with RED COLOR (eg: "abcdefxyz" - abc in white and def in blue and xyz in red)

Please somebody tell me how to do this?

Here is the solution for anyone who is looking around (thanks to those who solved my problem)

Use following in changehandler of textfield:

textfield.setTextFormat(default_format, textfield.caretIndex-1, textfield.caretIndex);

Use following in clickhandler of button:

default_format.color = getColor("red");
    stage.focus = textfield;

Regards