trouble code

my service engine soon light just came on and i scanned it and it showed code P0420 which is defined as Catalyst System Efficiency Below Threshold does this mean that i have to change the converters or am i way off on this one.

Do you have hi-flow cats??

If not, it is the rear O2 telling the computer the cat isn't working. It could be the O2 or the cat.
You can always just have the code for both rear O2's turned off by a tuner as well.

no, they are just the stock cats, do you think its a must to have them fixed or can it wait.

I am sure it can wait.

Although I would check it out if possible.

Eventually if they are breaking down internally, there will be driveability issues. The light is on to shed light that this amy be occuring, and also the vehicle is not meeting factory emission specification.