Goosey

so.

here's the issue. i walk out to my car today and notice some shine INSIDE my flat-black exhaust..

upon closer inspection [and a dab of the finger] i notice that i've got metal flakes in my exhaust pipe. i started my car to see if i can spot/hear the issue, and the only thing i found was that at low rpms/ while accelerating slowly, there is a slight rattle that sounds like it's coming from where my cat sits.

PLEASE tell me this could be the culprit...

MPR

Most likely just various bits of the exhaust system deteriorating... The core of the cat could possibly be breaking up...

Goosey

i've now noticed a considerable loss of power and my gears feel shorter..

any more advice because i'm stumped..

MPR

^I think your cat is dying... It's probably plugging up. Does the car sound different then usual?

Goosey

Yes. It does sound different.

Is there any way to fix a plugged cat or will I just have to get a new one?

MPR

Best thing to do is replace it. Don't buy oem, they are WAY over priced. Go with an aftermarket replacement. The one I have is a universal cat from a company called Emico Technologies and was only $100 to buy it from a local shop.

You can go with magnaflow or other high flow cats for around $100 but you may run into problems when it comes time for an emissions test...