If its possible to archive contacts and accounts in SAP Marketing Cloud

Hi,

Is it possible to archive contacts and accounts in SAP Marketing Cloud.

We have a scenario where we have exceeded the number of contacts that we have in our licensing and we are looking for a possible solution.

In the application Jobs i could not find any Job to archive the contacts.

Can any one you suggest the best approach that you have implemented in situation where the number of contacts have exceeded the limit

Thank you!