The real danger is that no security patches for the Win7 OS will be released after this date (at least not to the general public), so any vulnerabilities subsequently discovered will not be patched and will be freely exploited by the bad guys. Like Windows XP before it, Win7 has to be abandoned for this reason, at least for internet-connected devices.
It's also true that support for applications and hardware will be removed - it already has been in terms of processors, where no new intel or AMD CPUs will run Win 7 / 8. This is at Microsoft's insistence, to force adoption of Windows 10. Of course one is free to switch to Linux (or move to the Apple ecosystem), but most Windows users will be forced to Win10, whether they like it or not (and many don't).
SD