iCloud Storage

Hi, so I have run out of iCloud Storage and I don’t want to buy anymore. The problem is that my phone hasn’t been able to back up due to the lack of iCloud storage but the thing that is taking up so much space, is my iCloud storage. I have 4.8GB worth of backups but it’s just one huge backup on this current phone so I can’t delete any extras. Is there anything I can do to make more space? Will I loose anything if I delete the 4.8GB backup? Please let me know and thank you!