A quick way to test your catalytic converters is with your nose. Start the car, let it warm up and go out near the exhaust pipe. If the cats are failing, they will start to allow NOx, hydrocarbons and O2 and other gases to pass through. The easiest ones to smell is NOx which smells like skunk spray and rotten eggs and hydrocarbons which smell like fuel. If you smell that then yeah, your cats have failed.
If not and just smells like plain 'ol car exhaust the rear oxygen sensor is all that's needed. Very simple fix and you can find your replacement sensor here:
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