Best queue type and scheduling algorithm to stop bufferbloat

Apparently, my cable modem is introducing about 550ms of buffer bloat (worst case scenario) in the upload direction. This was tested without the router in place.
A sensible thing to do is to move the bottleneck to the WAN-interface and then specify a suitable scheduling algorithm. Since my upload is pretty stable at 3.5 megabit/second, I was thinking on using RED.

But since I’ve got no idea how to configure this, I was wondering whether someone has an example config to share?

Thanks,
Jeroen