If the Cat strolls around near you, definitely try to get that wire off of it's neck. It must be someones pet that got out, or is an outside cat of somebody's.
If you manage to be close with the cat, still check for it's ID tags and see if it really is someone's cat, then notify the possible owners. If there is no form of ID...then, uh, free cat. ¯\_(ツ)_/¯
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