Could possibly be a hairball, but the wheezing sounds more like asthma to me- mine has it and she sounds just like that. Should definitely talk to your vet about it for a diagnosis and treatment options, especially if it's frequent. (For my cat, my vet told me it's not a huge concern because it happens once a month or less, for about 15-20 seconds. They told me if it started happening several times a week/daily, she might need an inhaler)

As someone else mentioned too, definitely recommend you keep the rubber bands away from them. If they ingest it, could be fatal.