Do I need to replace my catalytic Converter Right Now? If I Don't what are some of the consequences?

you can dive it without a cat if you want to hammer what in the cat out just make sure you race the car around for about 30 mins before doing an emissions test to get the exhaust really hot then you should pass fine but if you want a new cat go on ebay and find a racing cat or low pro cat they run like $20-$40 and your good to go unless you live in cali then do the first thing i mentioned and save money and a bonus of hammering out a cat is that you gain a few horse power and performance and the hit you will take on mpgs will hardly be noticeable

You can drive it until the exhaust falls apart, and then it will make a lot of noise and it won't pass inspection next time you have to get your tags.

Getting it replaced will probably cost you a couple hundred bucks or more, depending on where you have it done. You could do it yourself for less than a hundred bucks. It's kind of a dirty job, and you might have to cut some of the parts off if the fasteners are all rusted together, and you want to make sure you have all the gaskets and hangers and bolts you need beforehand. I like to put a few coats of high temperature paint on this stuff before I put it on also, though how much good that does might be debatable.

in case you reside in a community that calls for smog attempting out as a circumstance of registering your motor vehicle it won't pass inspection without cat. issues would be fantastic till your cat clogs thoroughly and your motor vehicle won't run in any respect.