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You're good, yeah. Steam/console games might be slow, and your videos might buffer occasionally. (Don't quote me on the latter, though)
Just check for data caps in whatever ISP you're considering. They are there and companies often try to hide them.
EDIT (OP edited, either that, or I misread some stuff): Hmm, I'm actually not sure now. I know this all can load on some bad resolutions at once, however.
7mbps is surprisingly fast, it's enough for 1080p60fps. just mind that there will be occasional
480p drops.(for one single user, if two it will be 480/360p) ik this bc i use a 4mbps connection. for games though, its better if you can leave it overnight
to download it.
take gta for example, its 60gb
it took me 10 nights (7 hours/night) to download it
If it's 7 megabits, you're looking at 8+ hours.