Balloons work well for TH 7s
Recently, I've been trying to use different army compositions apart form my regular, Barching. When I ended up trying the Balloons (Lvl 4), It came out to be very good for even TH 7s. IMO, TH 7s shouldn't wait for TH 8s to upgrade their Loons & Minions. Instead, try using them in great numbers & they'll completely demolish a base.
Now, I know TH 7s don't like to use DE. Since I didn't build my second DB yet & have my first one on upgrade, I've been using 30 Loons, 20 barbs, 20 Archers with 5 wbs (You can kick out the wbs if you want but I'm keep them for my BK & barbs to clean up the inside mess. Though in my raids, I haven't used any spells & got 80%+ on TH 7s with Lvl 4 Loons having centralized ADs, but it's pretty clear that if you use spells, you can easily demolish a TH 7 base with Loons.
So, instead of using Mass Drags, I'd say try using 30 Loons with anything else for clean up & you'll wreck them up. It's fun & simple. It's cheaper & takes way less time to train then Mass Drags strategy.
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Balloons and Minions best combo
Since getting to TH7 (I am 6 days away from TH8), I knew I wanted to use balloons. I used Lvl 3 balloons as Th6 with moderate success. Since I got lvl 4 balloons and paired them with minions, every war I have been in I have gotten 5 or 6 stars. I have attacked low TH8's for three stars as well as maxed out Th7 for 3 stars. I only use air raids for Wars. My best combo against TH 7 s has been 26 balloons and 35 minions. My best combo against TH 8's is 6 dragons, 20 minions and 8 balloons (C.C. has a dragon or 4 balloons). I mix it up between 3 rage spells or 2 rage 1 heal. Wish I could post replays...
I don't recommend going Air and Land together just my experience. May work for farming, but I think for war either or is better.